EVOLUTION MINING LIMITED — Capital/Financing Update 2010

Apr 12, 2010

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13 April 2010

GOLDEN POINT DRILLING SUPPORTS CONTINUED RESOURCE GROWTH

ASX Code: CAH Shares on issue: 160,300,668

HIGHLIGHTS

• RC Resource Definition drilling continues to delineate encouraging mineralisation at Golden Point.

Share Price Current: $1.57

• 81 holes for 7,644m to complete the program.

12 month range

• Results remain ‘highly encouraging’ including best intercepts of:

$1.98 (high) - $0.20 (low)

• 33m @ 1.32g/t Au from 23m in GPRC064

• 15m @ 2.72g/t Au from 31m in GPRC071

• 23m @ 0.99g/t Au from 43m in GPRC080

• 19m @ 1.26g/t Au from 62m in GPRC090

• The results continue to support the potential to expand Resource ounces and increase the Reserve at the Edna May Gold Project.

• An updated Mineral Resource and Ore Reserve estimate is expected in April/May following completion of interpretation of results.

Board of Directors

Mr Peter Maloney Non Exec Chairman Mr Bruce McFadzean Managing Director Mr John Rowe Non Exec Director Mr Murray Pollock Non Exec Director Mr Barry Sullivan Non Exec Director Mr Graham Freestone Non Exec Director Mr Graham Anderson Company Secretary Mr Leonard Math Company Secretary

GOLDEN POINT POTENTIAL AT EDNA MAY GOLD PROJECT

Catalpa Resources Limited (ASX:CAH), the fast growing Australian gold producer, today reports the final batch of assay results from an RC drill programme completed at the Golden Point prospect at the Company’s Edna May Gold Project in Westonia, WA.

Senior Management

Erik Palmbachs CFO Stuart Pether GM Operations Nick Winnall Manager Exploration Adrian Pelliccia Manager Geology

Managing Director, Bruce McFadzean commented “the results obtained from this program offer further encouragement, with the most recent batch of assays also yielding several significant intercepts in the Golden Point Gneiss.”

“The current program has focussed on further firming up material currently in the A$1,250 inferred optimisation shell and results support the potential to expand Resource ounces and increase the Reserve at Edna May Gold Project“.

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“The results have supported our interpretation that the Golden Point mineralisation continues at depth and along strike, and would be readily accessible via a cutback to the current pit design. The upper levels of the Golden Point mineralisation are situated within a 20-50 metre deep oxidised zone where any potential increases in Ore Reserves will likely reduce mining and processing costs.”

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Figure 1 Golden Point Drilling Location Plan

The drilling programme consisted of 81 holes for 7,644 on a 20m x 25m spacing targeting mineralisation in an area 500m immediately south-east of the Edna May open pit. Depth extensions to the mineralised Golden Point Gneiss will be subject to further work scheduled later in 2011.

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Figure 2 Cross section 12162.5E showing intercepts through Golden Point Gneiss

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Figure 3 Cross section 12212.5E showing intercepts through Golden Point Gneiss

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Figure 4 Cross section 12350mE showing intercepts through Golden Point Gneiss

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Figure 5 Cross section 12450E showing intercepts through Golden Point Gneiss

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Figure 6 Cross section 12,475E showing intercepts through Golden Point Gneiss

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“Any underground opportunities would be accessed via the existing decline on the footwall between the two ore bodies (See Figure 7). We will further assess the strike and down dip extension of the Golden Point Gneiss by an accelerated drill programme to be designed over the coming weeks.”

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Figure 7 Oblique section 12,075E showing intercepts through Golden Point Gneiss

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A summary of assay results received to-date from the current RC drilling campaign is tabulated below: Holes GPRC016 to GPRC040 have previously been reported.

	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections
Hole ID	Local Grid			Dip	Azimuth - Local	Depth From	Depth To	Downhole Interval ~~(m)~~	Au (g/t)	Ore Surface
	North	East	Rl
GPRC041	9,446	12,476	1,341	- 61.0	183	22	23	1	1.37	Golden Point
	And					46	47	1	1.15	Golden Point
	And					51	52	1	1.22	Golden Point
GPRC042	9,300	12,075	1,343	- 59.1	179	16	17	1	1.03	Golden Point
	And					24	27	1	1.46	Golden Point
GPRC043	9,324	12,075	1,342	- 59.3	181	32	38	6	2.01	Golden Point
	Including					32	35	3	3.70	Golden Point
	And					53	54	1	1.88	Golden Point
	And					63	68	5	1.00	Golden Point
GPRC044	9,345	12,075	1,342	- 59.2	179	26	28	2	10.88	Golden Point
	And					69	70	1	1.32	Golden Point
GPRC045	9,363	12,100	1,343	- 90.0	336	-	1	1	0.66	Golden Point
GPRC046	9,378	12,123	1,342	- 90.0	336	36	41	5	0.90	Golden Point
	And					50	62	12	0.60	Golden Point
	And					67	85	18	0.97	Golden Point
GPRC047	9,388	12,125	1,342	- 90.0	336	36	38	2	0.74	Golden Point
	And					73	74	1	1.29	Golden Point
	And					83	87	4	1.02	Golden Point
	Including					86	87	1	3.39	Golden Point
	And					94	95	1	2.27	Golden Point
GPRC048	9,428	12,276	1,342	- 60.2	180	25	26	1	4.14	Golden Point
	And					59	61	2	1.00	Golden Point
	And					73	75	2	1.22	Golden Point
	And					88	94	6	0.59	Golden Point
GPRC049	9,451	12,277	1,342	- 64.2	180	12	14	2	0.86	Golden Point
	And					30	37	7	0.99	Golden Point
	And					85	87	2	4.62	Golden Point
	And					97	102	5	1.07	Golden Point
	And					110	117	7	1.10	Golden Point
GPRC050	9,444	12,300	1,341	- 59.8	178	56	57	1	1.16	Golden Point
	And					94	102	8	0.92	Golden Point
	Including					95	96	1	4.75	Golden Point
GPRC051	9,461	12,300	1,341	- 59.8	178	11	16	5	0.61	Golden Point
	And					29	32	3	0.49	Golden Point
	And					87	88	1	2.72	Golden Point
	And					120	122	2	0.96	Golden Point
GPRC052	9,336	12,363	1,343	- 65.5	180	NA
GPRC053	9,274	12,175	1,343	59.2 -	179	NA
GPRC054	9,293	12,176	1,343	- 59.4	180	51	52	1	0.66	Golden Point
GPRC055	9,269	12,123	1,343	- 59.8	177	NA
GPRC056	9,295	12,317	1,343	- 60.4	179	NA
GPRC057	9,350	12,325	1,343	- 60.7	183	9	10	1	1.77	Golden Point
	And					23	29	6	1.40	Golden Point
GPRC058	9,374	12,326	1,343	- 60.7	178	10	11	1	1.00	Golden Point
	And					41	45	4	0.46	Golden Point
GPRC059	9,407	12,322	1,342	- 59.3	179	12	14	2	1.11	Golden Point
	And					31	34	3	0.45	Golden Point
	And					55	59	4	0.52	Golden Point
	And					64	73	9	0.72	Golden Point
GPRC060	9,426	12,325	1,342	- 59.2	181	9	15	6	1.32	Golden Point
	And					20	24	4	0.50	Golden Point
	And					44	45	1	3.51	Golden Point
GPRC061	9,311	12,364	1,343	- 60.1	179	14	15	1	1.85	Golden Point
	And					20	23	3	1.01	Golden Point
GPRC062	9,336	12,363	1,343	- 59.5	179	17	23	6	0.75	Golden Point
GPRC063	9,336	12,363	1,343	- 60.6	182	10	12	2	0.61	Golden Point
	And					26	34	8	0.90	Golden Point
	And					40	43	3	3.72	Golden Point

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		Significant Drill Hole Intersections
	Hole ID	Local Grid			Dip	Azimuth - Local	Depth From	Depth To	Downhole Interval ~~(m)~~	Au (g/t)	Ore Surface
		North	East	Rl
	GPRC064	9,383	12,362	1,342	60.3 -	1,081	9	13	4	1.18	Golden Point
		Including					23	56	33	1.32	Golden Point
		Including					64	66	2	1.02	Golden Point
	GPRC065	9,407	12,362	1,342	- 59.6	180	12	27	15	1.02	Golden Point
		And					64	68	4	0.58	Golden Point
	GPRC066	9,437	12,363	1,342	- 61.4	172	12	13	1	1.65	Golden Point
		And					30	33	3	0.58	Golden Point
		And					74	76	2	0.81	Golden Point
		And					83	87	4	0.61	Golden Point
		And					95	96	1	2.68	Golden Point
	GPRC067	9,396	12,200	1,342	- 59.4	180	1	6	5	0.59	Golden Point
		And					80	86	6	0.52	Golden Point
	GPRC068	9,424	1,220	1,342	- 59.4	178	75	76	1	2.67	Golden Point
		And					87	88	1	8.99	Golden Point
		And					96	108	12	2.05	Golden Point
	GPRC069	9,305	12,130	1,343	- 59.7	178	NA
	GPRC070	9,319	12,130	1,342	- 60.0	181	17	18	1	2.21	Golden Point
		And					25	33	8	0.86	Golden Point
	GPRC071	9,331	12,131	1,343	- 87.2	336	31	46	15	2.72	Golden Point
		Including					31	34	3	10.70	Golden Point
		And					97	98	1	1.77	Golden Point
	GPRC072	9,393	12,173	1,342	- 73.9	180	62	66	4	0.96	Golden Point
		And					78	91	13	1.76	Golden Point
		Including					78	80	2	5.00	Golden Point
		Including					89	90	1	5.12	Golden Point
		And					96	99	3	0.49	Golden Point
	GPRC073	9,341	12,404	1,342	- 60.3	178	24	26	2	0.86	Golden Point
	GPRC074	9,362	12,404	1,342	- 60.1	177	32	33	1	2.22	Golden Point
		And					38	43	5	2.42	Golden Point
	GPRC075	9,387	12,401	1,342	- 60.5	180	22	24	2	9.88	Golden Point
		And					35	39	4	0.52	Golden Point
		And					53	63	10	0.90	Golden Point
		Including					61	63	2	2.40	Golden Point
	GPRC076	9,407	12,400	1,342	- 59.5	182	26	30	4	0.64	Golden Point
		And					43	48	5	1.53	Golden Point
		And					69	74	5	0.45	Golden Point
	GPRC077	9,443	12,403	1,342	- 60.2	181	33	39	6	0.90	Golden Point
		And					61	62	1	2.58	Golden Point
	GPRC078	9,338	12,450	1,341	- 60.0	177	35	37	2	0.91	Golden Point
	GPRC079	9,350	12,450	1,342	- 60.1	179	44	52	12	0.52	Golden Point
	GPRC080	9,370	12,449	1,342	- 60.6	180	43	66	23	0.99	Golden Point
	GPRC081	9,400	12,452	1,342	- 61.2	178	35	37	2	1.03	Golden Point
		And					51	54	3	1.04	Golden Point
		And					69	81	12	0.79	Golden Point
	GPRC082	9,426	12,452	1,342	- 61.3	178	20	22	2	1.28	Golden Point
		And					36	39	3	0.99	Golden Point
		And					64	69	5	1.25	Golden Point
		And					86	92	6	0.65	Golden Point
	GPRC083	9,353	12,490	1,342	- 61.1	177	52	59	7	1.61	Golden Point
	GPRC084	9,375	12,499	1,342	- 61.0	181	33	39	6	2.12	Golden Point
		Including					33	35	2	4.98	Golden Point
		And					52	53	1	2.26	Golden Point
		And					71	73	2	5.41	Golden Point
		And					80	81	1	1.95	Golden Point
	GPRC085	9,402	12,505	1,342	- 62.5	180	52	53	1	1.19	Golden Point
		And					65	66	1	4.06	Golden Point
		And					74	79	5	1.62	Golden Point
		And					85	88	4	1.33	Golden Point
	GPRC086	9,300	12,500	1,342	- 60.9	181	65	67	2	8.82	Golden Point
	GPRC087	9,301	12,550	1,342	- 61.8	177	NA
	GPRC088	9,324	12,550	1,342	- 61.7	179	38	39	1	1.89	Golden Point
		And					67	74	7	0.75	Golden Point
	GPRC089	9,349	12,553	1,341	- 61.6	179	70	73	3	1.07	Golden Point
	GPRC090	9,375	12,550	1,341	- 62.0	178	39	47	8	0.45	Golden Point
		And					62	81	19	1.26	Golden Point
		Including					73	78	5	3.10	Golden Point
	GPRC091	9,400	12,550	1,341	- 61.7	177	88	98	10	0.93	Golden Point
	GPRC092	9,312	12,450	1,342	- 60.3	179	NA
	GPRC093	9,290	12,403	1,343	- 61.3	179	NA
	GPRC094	9,313	12,388	1,343	- 61.1	178	16	18	2	1.73	Golden Point
	GPRC095	9,310	12,318	1,343	- 87.7	181	41	42	1	1.25	Golden Point

Note: Sampling conducted at 1m intervals down hole. All samples assayed using a total digest of a 50g charge by fire assay method. NSR = No significant Result

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Competent Persons Statement

The information in this report has been compiled by Mr John Winterbottom (Project Manager Geology), who is a Member of the Australian Institute of Geoscientists (AIG) and a full-time contract employee of Catalpa Resources Limited. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Winterbottom consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

ABOUT CATALPA RESOURCES

Catalpa Resources Limited (ASX: CAH) has two exciting gold assets; a 30% interest in the 100,000 ounce per annum Cracow Gold Operations - a producing gold mine in Queensland (70% Newcrest Mining Limited); and the 100,000 ounce per annum Edna May Gold Operations in Western Australia (100%) - an advanced gold project ahead of schedule to commence production in a month early in May 2010.

The A$92 million Edna May Gold Project is fully funded, and, as part of the finance facility, Catalpa has sold forward 352,316 ounces of gold at A$1,557.50 per ounce. At an average gold price of A$1,400 per ounce Catalpa will realize an average cash operating margin of A$72 million per annum from the Edna May Gold Operations alone.

With a combined Mineral Resource of more than 1.9 million ounces and a combined Ore Reserve of more than a million ounces of gold (refer announcement dated 2 December 2009), the Cracow and Edna May Operations will provide a sustainable cash flow to fund Catalpa’s growth strategy.

Catalpa is confident that both the Cracow and Edna May Gold Operations offer further Reserve and Resource growth potential, with ongoing exploration programmes at both operations. In parallel, the Company continues to proactively identify and assess other production growth opportunities.

The Company has a committed and technically accomplished management team and a highlyexperienced and supportive Board, committed to realising shareholder value from the Company’s growing asset portfolio.

Catalpa has adopted best practice standards across all its activities, including health and safety, environmental management, corporate governance and social responsibility.

EDNA MAY OPERATIONS (100%)

Catalpa’s wholly-owned Edna May Gold Operations is conveniently positioned just two kilometers from the infrastructure of Westonia, on the eastern edge of WA’s Wheatbelt region. The mine is half way between Perth and Kalgoorlie and ideally situated to be serviced by either of these major mining centres.

With its robust economics, geologically and metallurgically well defined ore-body, high Ore Reserve confidence and excellent recovery rate of more than 92%, Catalpa’s Edna May Gold Operations offers an attractive, long-term platform to grow a mid tier gold producer.

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Catalpa’s mine and processing schedule demonstrate average gold production at Edna May in excess of 100,000 ounces of gold recovered per annum for a life of mine of more than nine years, with production planned to commence in June 2010.

CRACOW GOLD OPERATIONS (30%)

Catalpa owns 30% of the Cracow Gold Operations in Queensland with Newcrest Mining Limited, and also has a pre-emptive right over Newcrest’s 70% stake in the asset. The Cracow Gold Project is well managed and operated by Newcrest, allowing Catalpa to remain focused on constructing the Edna May Gold Project on time and within budget.

The Cracow Gold Project has a history of steady gold production of over 100,000 ounces per annum for the past four years and it is considered to have considerable exploration upside.

For further enquiries contact:

Bruce McFadzean Managing Director Catalpa Resources Limited Tel (08) 9321 3088

Annette Ellis / Warrick Hazeldine Media and Investor Relations Purple Communications Tel: (08) 6314 6300

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